- Crypto analyst predicts more decline for PUMP.
- The analyst says PUMP’s price would drop to $0.00232.
- PUMP’s decline is an offshoot of a broader crypto market pullback.
Renowned cryptocurrency analyst Ali Martinez has predicted a potential decline in the price of PUMP, the native token of Pump.fun launchpad on the Solana blockchain.
In his latest post on X, Martinez revealed how PUMP’s chart structure on the 4-hour timeframe reflects a significant bearish pressure that could force the price to decline further and potentially retest the $0.00232 support.
PUMP’s price reversed after an 85% rally in early August
The bearish pressure on PUMP has persisted for over two weeks following a sharp turnaround from an 85% rally, which saw the cryptocurrency rally to $0.4173 in the middle of August.
The succeeding decline has been consistent, and PUMP has nearly lost all the gains it acquired during the rally in the first half of the month, leaving minimal expectations for a rebound from the declining prices.
Martinez was not alone in his bearish projection for PUMP, as other crypto users responding to his post aligned with the submission. One such respondent noted that PUMP’s woes could become compounded if the broader crypto market continued to decline, as has been the trend over the past few days.
Related: Pump.fun Reclaims 90% Dominance on Solana But Now Faces a New War With Base
Interestingly, the respondent claimed to oppose Martinez’s projection, suggesting that the price decline is not unique to PUMP but a consequence of an overall pullback in crypto prices.
PUMP is suffering from a general crypto market decline
It is worth noting that the cryptocurrency market has faced significant bear pressure in the past two weeks, with Bitcoin, the leading cryptocurrency, losing over 12.5% value over the period. Bitcoin’s price dropped from $124,517, its all-time high, to $108,717 within two weeks. Other top cryptocurrencies like Ethereum and XRP followed a similar trend, recording notable losses over the period under consideration.
PUMP’s fortunes remain an unfolding event, with TradingView’s data showing that the crypto token traded for $0.002764 at the time of writing.
Despite Martinez’s bearish projection, the crypto asset surged over 7% early Tuesday morning, leaving users on alert over its next move amid changing crypto market dynamics.
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